Automatic Fibonacci Drawing Tool (TradeStation Only)

Many professional traders know that a very powerful method of trading is to know the Support and Resistance Levels. This coupled with Fibonacci theory, in many trader's opinions, can yield a powerful combination that exists for identifying price action and forecasting which direction the market may go next, and how far it may go in that direction before it turns around running into support or resistance. Our "Support, Resistance, and Fibonacci levels" indicator can be used to enter a tradeon "this side" of the level, to set a stop loss on the other side of the Support or Resistance level gaining a greater probability that the price may not move through that level, and at the same time setting a target on "this side" of the Support, Resistance, or Fibonacci level that the price is headed for. This can potentially increase the risk/reward ratio, especially when used on multiple charts and time-frames.